Homework Answers
Answer 2.- the unemployment rate is
- 7.6 %
Explanation-
Labor force participation rate = labor force/ population age 16 and older
70% = labor force / 150 million
Labor force = 150 million × 70 % = 105 million
Unemployed people = labor force - employed
= 105 million - 97 million= 8 million
Unemployment rate = unemployed / labor force × 100
=8 million/ 105 million × 100 = 7.61 %
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